Pricing method of sari-sari stores in a competitive environment of Asuncion public market

Abstract

Within the last few decades, we can no longer deny that you must have a source of income. Hence, most of us engaged in selling and establishing sari-sari stores. It is easier to make money by buying and selling goods and services. According to previous literature, pricing strategies are widely used in businesses, particularly in the retail industry, to boost sales and gain market share. Sari-sari stores are a part of everyday life in the Philippines, both in rural and urban areas. Knowing how easy for an individual to establish and start operating the sari-sari store, the competition in this form of business is evident. In the retail industry, product pricing is essential (Hill 2013). That is why setting a pricing method is necessary to outperform competitors while also maximizing profit. This study aims to discover what pricing methods sari-sari store owners employ, resulting in the development of fifteen distinct themes and highlighting the challenges they faced and how they dealt with those challenges and providing insights on how to improve pricing strategies to gain a competitive advantage over other stores.